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If joint account with adult son will large deposit by you be taxed if he uses it to make a home loan down payment?
Wiki User
∙ 10y ago
Money is taxed when you earned, not when you put it in the bank. Only the interest earned on the deposit would be taxed. When you buy a house there is no sales tax at this time.
Wiki User
∙ 10y ago
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Can I deposit my refund in my mom's bank account?
No. A check/payment order/draft can be deposited only into the bank account of the person to whom it was issued (The Payee). If it is deposited into another persons account, the payment will not be released. Moreover, you may be arrested for trying to do so. However, if you have a joint account with your mother, then you can deposit into that account.
Can you deposit your cheque in to your parents account?
It depends: a. Yes - If you are joint holder of the account along with your parents then you can deposit it into that account b. No - If you are not a joint holder of the account along with your parents, then you cannot deposit it into that account. A check can be deposited only into an account that is held by the person on whose name the check is issued.
What will be the initial deposit for bdo joint bank account?
The initial deposit for BDO Joint Bank Account is 2000 Philippine Pesos. The minimum account balance to earn interest is 5000 Philippine Pesos.
Can a check be deposited into a minor account?
If the minor is going to do it alone - Then No. If the minor is taking an adult guardian with whom they have a joint account - Then Yes. Banks do not let minors transact alone and by themselves with them because of their age
Can legal order take money from a joint account?
Yes. The holders of the joint account are equal stake holders in the account and a legal order to receive payment from one of the account holders is enough to withdraw/take funds from a joint account.
Can you put your payroll check in your girlfriends bank account with your name on it?
Yes. The account is considered a joint account and both individuals can deposit as well as withdraw funds from the account. There is no restriction as to the individual or individuals with whom one can make a joint account.
What happens if you put someone else's name on a banking account?
They also become a joint holder or owner of the bank account and the account becomes a joint account. You and the other person you put into the account can operate the account independently and can carry out transactions like deposit, withdrawal, balance inquiry etc.
Can a lawsuit be filed against a bank on a joint savings account if one party takes all the money?
Depends on if the person is the primary on the account, but usually a joint account shares all rights unless otherwise specified. You would have to review your deposit agreement, but normally money in a joint account can be withdrawn or the account closed by either party.
What allows the husband and wife to deposit and withdraw money from the same place?
Joint accounts. A joint account has both peoples' names on it so either of them can withdraw from it. Also there's no saying they couldn't have separate accounts and still be able to deposit and withdraw from the same bank. Just not from the same account.
How do you deposit check made out to husband in joint account?
Generally, you fill out the deposit slip and hand it to a teller. Policies may vary. Ask your bank for complete details.
Can you legally withdraw money from a joint bank account that you did not deposit?
If the bank account is in your name (ie it is a joint account with your name on it) then you have the right to withdraw funds from it or to deposit funds into it. However if you feel that you should not be withdrawing money because it will upset the other person who jointly owns the account then perhaps you should discuss this with them before you make the withdrawal - there is more to life than the simple legal niceties.
Can your husband sign your check and deposit it into his account while you are separated?
No. In saying this I am assuming the account is not a joint account with him and he has forged your signature. If he has done this he has committed a crime and you should go to the police and tell the bank.
